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Money Market Deposit Account- Consumer

Money Market Deposit Account- Consumer

Enjoy flexibility and cater to your financial needs with our Money Market Deposit Account services.

 

Opening a Money Market Deposit Account with SBI can be done for consumers subject to terms & conditions.

Features of Consumer Money Market Deposit Account

Signing up for a Money Market Deposit Account with us is simple and convenient. It has the following benefits for you:

  • Deposits are insured with the FDIC for the prescribed limit per account by FDIC.
  • Free issue of Debit card enabled for any ATM in USA & India, free of transaction charges.
  • 6 debit transfers are permitted during a statement period. There is no restriction on the number of cash withdrawals at ATM or Bank’s teller counter.
  • Should more than 6 debit transfers be effected during a statement cycle, an excess check writing fee will be levied per transfer.
  • Tiered interest rates based on balances available in accounts.
  • Online Banking, giving access to your Money Market Deposit Account on a 24/7 basis.
  • Facility of Wire transfer/ International remittances
  • Free INR Remittance through Online Banking/ processed by the branch on your request for transaction above $1000. Charges may be applied by beneficiary Bank in India.
  • Designation of beneficiary is available.
  • Free first 40 checks on account opening, issued on specific request of the consumers.
Minimum Deposit for Consumer Money Market Deposit Account

The minimum amount for deposit in a Money Market Deposit Account is as follows:

Account Type

 

US resident

(Amount in USD)

Consumer Accounts

$2500

For more information about Money Market Deposit Account , please read customer manual or get in touch with us at deposit.nyb@statebank.com / call on 212-521-3200

How to open Consumer Money Market Deposit Account

You can open Money Market Deposit account online at https://sbinewyork.statebank or you can download the form Dep 1 & Dep- MC